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RBI has allowed DSP Investment Managers to hike its stake in DCB Bank to 9.99 per cent as part of investment through different mutual fund schemes.
The approval is valid for a year up to February 2, 2024, said DCB Bank in a statement on Saturday.
Currently, DSP MF holds 4.23 per cent in the bank.
The Bank has received an intimation from RBI on February 3, that it has granted its approval to DSP Investment Managers to acquire up to 9.99 per cent of the paid-up equity capital of the Bank through the schemes of DSP Mutual Fund, said DCB in a statement on Saturday.
DSPIM was also advised by the RBI to ensure that its shareholding in the bank remains below 10 per cent of the paid-up equity capital of the Bank at all times, it added.
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